Quote:
Originally Posted by Mazjaz
My wife just retired and won’t take Social Security for 5 years. I am considering replacing her income with a Fixed Indexed Annuity with West Financial Group. Has anyone used them or have a fixed indexed annuity they would recommend for immediate income? I am 66.
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Have you look at the return you will get. In most cases you are better off not doing an immediate income annuity. CD’s rate are high. Think about laddering CD’s or take what you need the first year and put the balance in a one year CD at 5%.
With the immediate annuities, you tie up your principal, you can’t touch it at all and they give you minimal returns. In fact in most cases the agent selling the annuity makes more than you.
Also putting in an index annuity gives you no benefit of the index because once you annuitize the funds go into a fixed rate.
If you give some numbers like original deposit and monthly income I can help with the numbers.